Six Good Reasons to Use a Mortgage Broker When Buying a Home

Utilizing a mortgage broker is a popular choice for those looking to buy a home or renew a mortgage, but you may find yourself asking ‘why?’. After all, wouldn’t it be more efficient to skip the middleman and go straight to the lender? Not at all. By choosing not to use a mortgage broker you’ll be wasting an opportunity to receive valuable advice, potentially resulting in a poor mortgage choice that doesn’t work with your lifestyle or financial situation. Here are six good reasons to use a mortgage broker. 

A Mortgage Broker Can Cut Through the Confusion

Are you overwhelmed when you consider the various types of mortgages available to you? You’re not alone. Knowledge is important and a good mortgage broker will prioritize your education and alleviate your stress. Different mortgages come with different interest rates, options, and degrees of flexibility. 

There are also considerations related to:

·      home insurance

·      home ownership structure

·      credit scores

·      the Home Buyers’ Plan

An experienced mortgage broker will be able to provide you with information, education, and perspective. They’ll be able to break down complex subjects into easily understood information. Failing to take advantage of this resource is a mistake. 

You’ll Save Time and Energy

Are you busy? Most of us are. Researching and applying to a host of lenders is tedious work when undertaken by the would-be homebuyer. Leave this legwork to a mortgage broker who knows how to zero in on your best options and streamline the process. 

Homebuying is exciting, but the paperwork is probably not the part that fires you up. Spend your time looking at homes and planning your décor instead. Money doesn’t grow on trees and neither does time, so experience the benefits of one-stop shopping that a mortgage broker can provide. 

Did you know?  

Applying for too many mortgages can hurt your credit. Each application may result in a credit check, potentially impacting your credit score. Streamline the process with a mortgage broker and avoid this risk. 

You’ll Be Able to Choose the Mortgage that’s Right for YOU

It’s not always the case that one mortgage option is necessarily better than the other, but it might be better for you. Making the best decision means considering budget, long and short term goals, and attitudes toward debt and risk. 

Are you best suited for a fixed or variable rate mortgage? Are accelerated mortgage repayment plans right for you? 

A mortgage broker understands that everybody is different. There are literally hundreds of offerings out there from a wide range of lending institutions. Those who rely upon an experienced mortgage broker will benefit from their familiarity with these options. 

Mortgage Brokers Work for You, Not the Lender

A mortgage broker’s job is to consider the best interests of you, the borrower, not the lender. Brokers work with many different lenders and scour rates, flexibility, options, and fine print in order to get the best deal for you. Brokers negotiate on your behalf and aim to find you a deal that you might not have found yourself. Only then will they have earned your business. 

Word Gets Around!  

Positive word of mouth is a big part of a broker’s business model. They earn referrals by pleasing the client, not the lender. 

You Don’t Know What You Don’t Know

Most homebuyers know to be on the lookout for a good interest rate, but this is only the tip of the iceberg. Do you know what a home inspection is supposed to include? What happens when an oil tank is buried in your yard? Mortgage brokers have seen a thing or two and can be a valuable source of wisdom for many aspects of the homebuying process. 

Mortgage Brokers are Free to You

You read that right, mortgage broker services are free for the borrower. They’re paid instead by the lending institution that ultimately writes the mortgage. The borrower, therefore, has much to gain and nothing to lose by using a broker. 

Let Pinsky Mortgages Work for You

Pinsky Mortgages has the experience necessary to guide you through the mortgage process and save you money. Our commitment to educating our clients is evident in our extensive blog, which serves as a resource for those looking to gain a more complete understanding of the home buying and mortgage process. 

Our friendly staff are just as informative and helpful in real life, and would love to learn more about you and your goals, so book your free consultation today.